Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
29 Febbraio 2024 - 1:45PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File Number 001-32618
Ituran Location and Control Ltd.
(Exact name of Registrant as specified in its Charter)
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3 Hashikma Street, Azour 58001, Israel
(Address of Registrant’s principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form
40-F.
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Form 20-F ☒ Form 40-F ☐
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101 (b) (1):
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Yes ☐ No ☒
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101 (b) (7):
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Yes ☐ No ☒
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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes ☐ No ☒
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If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b): ______
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99.1
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On February 29, 2024, Ituran Location and Control Ltd. issued a press release announcing the dividend record date. A
copy of this press release is annexed hereto as Exhibit 99.1.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereto duly authorized.
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ITURAN LOCATION & CONTROL LTD.
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(Registrant) |
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By:
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/s/ Eyal Sheratzky |
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Name: |
Eyal Sheratzky |
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Title: |
Co-Chief Executive Officer |
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Date: February 29, 2024
EXHIBIT INDEX
ITURAN LOCATION AND CONTROL LTD
ANNOUNCES DISTRIBUTION OF A $8 MILLION DIVIDEND
Azour, Israel, February 29, 2024 – Ituran Location and Control Ltd. (NASDAQ: ITRN) announced that the Board of Directors approved the distribution of a cash
dividend in the amount of $0.39 per share, totaling approximately US$ 8 million. The dividend will be paid to shareholders of record as of March 20, 2024. The Company will pay the dividend out on April 3, 2024 net of taxes at the rate of 25%.
In its decision to approve the distribution of the cash dividend, the Board of Directors examined whether the Company meets the distribution criteria according to Israeli law. The Board of Directors
concluded that the abovementioned distribution will not undermine the Company’s ability to keep performing in its current course of business or future, plans and is able to meet its undertakings when due.
Retained earnings as of December 31, 2023, prior to the distribution was US$ 203.5 million and retained earnings will reach US$ 195.5 million after the distribution. The Board of Directors emphasized
that as of December 31, 2023, the Company had a cash balance in hand of US$ 53.4 million (this amount is prior to the payment of a dividend of approximately US$ 5 million which was issued for the third quarter 2023 and was paid out in January 2024).
The Company also had long-term loan of US$ 0.2 million and credit from banking institutions of US$ 0.4 million. As of December 31, 2023, the Company’s current assets (excluding cash and cash equivalents) were in the sum of US$ 125.1 million and
current liabilities were in the sum of US$ 92.5 million.
Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle
Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance industry and car manufacturers. Ituran is the largest OEM telematics provider in Latin
America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology.
Ituran's subscriber base has been growing significantly since the Company's inception to over 2.2 million subscribers using its location-based services with a market leading position in Israel and
Latin America. Established in 1995, Ituran has approximately 2,800 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States.
For more information, please visit Ituran’s website, at: www.ituran.com
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Company Contact
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International Investor Relations |
Udi Mizrahi
udi_m@ituran.com
Deputy CEO &VP Finance, Ituran
(Israel) +972 3 557 1348
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Ehud Helft
ituran@ekgir.com
EK Global Investor Relations
(US) +1 212 378 8040
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